The City of Del Mar took meaningful action to address the housing shortage in the region by announcing this month that it would construct affordable housing on the Del Mar Fairgrounds. The proposed plan to build 51 housing units on the land, which is within the city limits but owned by the state.
“We are under the gun to build a lot of affordable housing, ” said Del Mar councilmember David Druker. “That seems like a perfect spot to do so.” He added, “The city and the state of California would have to agree to a zoning change.”
The two governing bodies have three years to agree on the change under the current housing plan. While the decision by the city is a positive step to address the lack of homes in the area, it may be a while before these units come on line.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.25 percent.
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